Shipments of crawler cranes are expected to grow at a compound annual growth rate of over 4 percent according to a new research report by Global Market Insights (GMI).
With increasing utilisation of crawler cranes anticipated in the energy sector, the report said that many manufacturers are developing energy sector-specific machines that are capable of handling heavy lift operations at nuclear and renewable energy sites.
Additionally, the crawler crane market is witnessing growth opportunities due to increasing infrastructure projects across the globe, said GMI.
The report added that high maintenance costs and initial investments are the major factors hindering the development of the crawler crane market.
According to the report, cranes are available on lease from the manufacturers at a lower price than the newer machines, meaning that customers are preferring to rent the machines instead of procuring new equipment. GMI said that this is expected to have a negative effect on the market.
You can find the full report at here.